When a firm produces one unit, the variable cost is $8. When the firm produces two units, the variable cost is $16. What is the marginal cost of producing the second unit?

Q: The cost function of producing Q units of good: C(Q) = 4Q2 + 16Q + 40 Write down the average cost…

A: Total cost: ‘total cost’ is the amount that includes all the expenses that are paid to produce a…

Q: Total fixed costs (dollars) Total variable cost (dollars) Total cost (dollars) 0 0 200 ​ ​ 1 20 ​…

A: Total cost is the sum of fixed cost and variable cost. Fixed cost does not depend on output. It…

Q: Calculate the Marginal Cost at Q 200? Calculate the Marginal Cost at Q 300? Calculate the Average…

A: the marginal cost is the change in the total cost that arises when the quantity produced is…

Q: Fill in the blank! A lyft driver buy a Honda vehicle in order to drive, this is an example of a…

A: We need to calculate average variable cost, marginal cost and average total cost to answer these…

Q: Consider the table below that describes the costs associated with producing a good (Q). Total…

A: Marginal cost refers to the additional cost of producing one more unit of output.

Q: draw the marginal and average cost curves of companies p and q where Firm p: Cost= 4Q Firm q: Cost =…

A: Answer -    Average Cost = Average cost is cost per unit  Marginal cost = It is the cost a firm…

Q: suppose Jack produces chocolate with two inputs : factory and labor.  If the workers become more…

A: Labor productivity has increased. Labor productivity and cost of production (except fixed cost) are…

Q: Write a short note on Law of diminishing returns – implications for the short-run cost curve

A: Law of diminishing return to scale implies that as the number of a variable input is raised keeping…

Q: When the marginal product of labor diminishes average fixed cost rises average variable cost is…

A: Marginal product of labor is the additional output produced by employing an additional unit of…

Q: Calculate the value of marginal cost when total cost falls from $70 to $55 and the quantity rise…

A: # Marginal cost is the additional change to the total cost when production goes on.

Q: 35) What is the firm’s efficient scale?  A. the quantity of output that minimizes average total…

A: (35)  A firm's efficient scale implies the production of output such that it minimizes the average…

Q: The marginal cost curve of a firm is MC = 6y + y2 .

A: Answer: Given that:     The marginal cost curve of a firm is MC = 6y + y^2 . Total variable costs to…

Q: Where Q = quantity, TC = total cost, TFC = total fixed cost, and TVC = total variable cost; average…

A: The average variable cost is the total variable cost per unit of output. The total variable cost is…

Q: The graph shows the cost curves are they profit maximizing firm in a competitive market. If the…

A: In a competitive market, there are a large number of sellers and buyers who have full information…

Q: Max​ Shreck, an​ accountant, quit his​ $80,000-a-year job and bought an existing tattoo parlor from…

A: a). MC of operating the tattoo parlor means the additional cost occurring when one more unit of…

Q: We expect the marginal cost to increase as this firm produces more computers. But when the firm…

A: The rise or fall in the cost of producing/providing one more product is referred to as marginal…

Q: you increase the production to infinitely higher level , the average variable cost and average total…

A: Total cost (TC): - it is the sum of fixed and variable costs incurred in the production process.…

Q: Given the quantity produced (Q), Total fixed cost (TFC) and Total Cost (TC), (1) calculate Total…

A: Total cost is the total expenditure of the producer in the production process. The cost includes the…

Q: Suppose that the marginal cost of producing a pound of cereal is $2, irrespective of the level of…

A: Marginal cost is in addition to total cost because of producing one more unit of output. Average…

Q: If the marginal cost is above the average cost at a certain level of production and the firm decides…

A: Meaning of Cost: The term cost refers to the situation under which a firm occurs various expenses…

Q: X and Y are factors of production. X's marginal product is 30 and Y's marginal product is 20. X=5…

A: Total cost is minimized when (MPx / Px) = (MPy / Py) Here, MPx / Px = 30/5 = 6 MPy / Py = 20 / 4 = 5…

Q: Given the quantity produced (Q), Total fixed cost (TFC) and Total Cost (TC), (1) calculate Total…

A: Total Cost (TC) is the sum of Total Variable Cost (TVC) and the Total Fixed Cost (TFC). Therefore,…

Q: A manager hires labor and rents capital equipment in a very competitive market. Currently the wage…

A: Given wage rate (w) = $12Capital rent (r) = $8Marginal product of labor (MPL) = 60 unitsMarginal…

Q: Which of the following statements is (are) correct? (x)  In the short run, if a firm produces…

A: Fixed cost is the cost incurred by the producer for the purchase of fixed inputs. These costs do not…

Q: How would an improvement in technology, like the high-efficiency gas turbines or Pirelli tire plant,…

A: Here, an improvement in the technology used, would decrease the cost and will shift the cost curve…

Q: Compute the long-run costs in the following table. The price per unit of capital is $50 and per unit…

A: Given: Price per unit of capital=$50 Price per unit of labor=$30 The durable goods that are being…

Q: Suppose a firm faces a cost function of C = 8 + 4q + q^2, so that its marginal cost is MC=4 + 2q. a)…

A:

Q: Suppose a firm producing cell phones is operating such that marginal costs are much lower than…

A: The marginal cost of the firm is the cost it will incur by producing one additional unit of output.…

Q: A producer borrows money and starts a business. He himself looks after the business. Identify…

A: Note: In the BNED Guidance, only the first question can be answered at a time. Resend the question…

Q: The following incomplete table describes the costs faced by a firm as it produces an increasing…

A: Marginal cost is the cost incurred in making or procuring an additional unit of output.  For…

Q: Explain the meaning of fixed costs. Provide a few examples of firms' costs that are likely to be…

A: A firm's fixed costs are costs that do not change. It is irrespective of whether production or sales…

Q: In the short run, a firm's total costs of producing 100 units of output equal $10,000. If it…

A: The firms, and businesses are the entities who are involved in the production activities, and the…

Q: Use the table below to answer the following question. Units Total Fixed Cost Total Variable of…

A: Marginal cost eventually we can say that it is the actual change in the value of the total cost…

Q: Suppose Marcus produces chocolate with two inputs: factory and labor. If the workers become more…

A: If the workers become more productive due to the training provided to them, the output would also…

Q: An increase in the firm's cost of a fixed input will in the long-run, cause the

A: An increase in the firm's cost of a fixed input will increase the fixed cost of firm. An increase in…

Q: Which of the following is not a variable cost at the sandwich shop? Cost of labor O Cost of tomatoes…

A: Definition: Variable costs are costs that depend on the number of goods or services it produces. An…

Q: Assume that in the short run a firm is producing 1,000 units of output, has average total costs of…

A: Here, total output given is 1,000 units. Average total cost is $100. Average total cost is defined…

Q: Total cost of the firm rely fully on the total fixed cost of the firm. True/False

A: Costs are the expenses that a firm incurs in the production of the goods and services. It is…

Q: explain why the lower marginal cost firm can never produce the same as the high marginal cost firm

A: marginal cost is the cost of producing additional unit of product . and it helps to the firm to…

Q: Firms are facing a lot of challenges when dealing with their costs of production. Analyze a fixed…

A: Fixed cost refers to the cost of production that the firm has to incur irrespective of output. This…

Q: Consider the following table illustrating the production function of gadgets. Furthermore, suppose…

A: Answer to the question is as follows :

Q: The following table depicts the costs of a single firm: Quantity Produced Hours of Labor Variable…

A: Basics:- Fixed cost :- It is a type of cost which does not change in short run at any level of…

Q: Explain the difference between fixed cost and the variable cost in economics.

A: In economics, cost refers to all the expense that has been incurred in order to produce goods and…

Q: We expect the marginal cost to increase as this firm produces more computers. But when the firm…

A: Marginal cost (MC) is the change in total cost or total variable cost per unit change in output.